GRNT FY2024 EPS Forecast Raised by Capital One Financial

Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) - Equities research analysts at Capital One Financial increased their FY2024 EPS estimates for Granite Ridge Resources in a research note issued to investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $0.52 for the year, up from their previous forecast of $0.51. The consensus estimate for Granite Ridge Resources' current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for Granite Ridge Resources' FY2025 earnings at $0.59 EPS.

Separately, Evercore ISI decreased their price objective on Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating for the company in a report on Monday, September 30th.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT opened at $6.86 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a 12 month low of $5.20 and a 12 month high of $7.10. The stock has a market capitalization of $896.90 million, a PE ratio of 19.06, a PEG ratio of 1.61 and a beta of 0.22. The firm has a 50 day moving average of $6.35 and a 200-day moving average of $6.32.

Institutional Trading of Granite Ridge Resources

Several large investors have recently added to or reduced their stakes in the stock. Ground Swell Capital LLC purchased a new position in shares of Granite Ridge Resources in the 3rd quarter valued at approximately $66,000. The Manufacturers Life Insurance Company grew its holdings in Granite Ridge Resources by 52.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company's stock worth $147,000 after purchasing an additional 7,965 shares during the period. SG Americas Securities LLC increased its stake in shares of Granite Ridge Resources by 155.7% during the third quarter. SG Americas Securities LLC now owns 26,335 shares of the company's stock valued at $156,000 after purchasing an additional 16,037 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Granite Ridge Resources by 17.2% during the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company's stock valued at $171,000 after purchasing an additional 3,980 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in shares of Granite Ridge Resources in the 3rd quarter worth approximately $281,000. Institutional investors own 31.56% of the company's stock.

Insider Buying and Selling

In other Granite Ridge Resources news, CEO Luke C. Brandenberg bought 5,000 shares of the business's stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $6.50 per share, with a total value of $32,500.00. Following the completion of the purchase, the chief executive officer now directly owns 96,633 shares of the company's stock, valued at $628,114.50. This trade represents a 5.46 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew Reade Miller purchased 18,173 shares of the stock in a transaction on Wednesday, November 20th. The shares were acquired at an average cost of $6.49 per share, with a total value of $117,942.77. Following the transaction, the director now directly owns 711,164 shares in the company, valued at $4,615,454.36. The trade was a 2.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 83,174 shares of company stock worth $520,493. Insiders own 1.90% of the company's stock.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.41%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources's payout ratio is 122.22%.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.